Referee for financial disputes
Referee for financial disputes
InvestiRE SGR complies with the Referee for Financial Disputes (ACF), created by the National Commission for Companies and Stock Exchange (CONSOB) through resolution no. 19602 of 4 May 2016.

From 9 January 2017, the Banking Ombudsman will no longer accept appeals. Beginning the said date, in case of no response from the company within 60 days from the date of the complaint or if dissatisfied with the outcome of the complaint, the Retail Investor, before resorting to a Judge, may present an appeal to the Referee for Financial Disputes (“ACF”) at the National Commission for Companies and Stock Exchange (Consob) for disputes concerning InvestiRE SGR’s violation of its due diligence requirements and on correctness, information and transparency required towards investors in conducting activities covered in part II of the Consolidated Law on Finance (TUF) including cross-border disputes and disputes under (EU) Regulation No. 524/2013.

So-called retail Investors, different from eligible counterparties as per Art. 6 paragraph 2c letter d of the Consolidated Law on Finance (TUF), and from professional investors as per Art. 6 paragraphs 2d and 2e of the TUF, may appeal to the Referee for Financial Disputes (ACF).

Disputes involving the following do not fall within the ACF’s jurisdiction:
  • sums of money amounting to more than €500,000.
  • damages which are not immediate and direct consequence of the failure or violation of the said obligations by the intermediary, as well as non-pecuniary damages.
Right to appeal to the Referee for Financial Disputes (ACF):
  • must be exercised by the Investor within a year from the date of the claim or, if the claim was presented before the date of start of the ACF’s operations (9 January 2017), within a year from that date;
  • not subject to waiver by the Investor and may always be exercised, even if there are clauses of devolution of disputes with other Alternative Dispute Resolution bodies contained in the contracts.
The appeal to the ACF may be presented - only by the Investor, in person or through a representative association for consumer interests or through a prosecutor - when there are no other pending extra judicial dispute resolution procedures.

Access to the ACF is entirely free for the Investor and there are reduced resolution deadlines (90 days after the completion of the file).

In any case, the Investor has the right to appeal to the competent court regardless of the outcome of the out-of-court settlement procedure.

InvestiRE SGR guarantees that any claims received from Clients will always be evaluated against the guidelines of the ACF. In case of complete or partial refusal of the claims, InvestiRE SGR will provide the Investor with adequate information on the means and periods for the presentation of the appeal to the ACF at the CONSOB.

For in-depth and specific information on the said law as well as on regulatory and procedural compedium on the Referee for Financial Disputes, please refer to the web reference below: http://www.consob.it/web/area-pubblica/arbitro-per-le-controversie-finanziarie



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